We entered this crisis with record levels of household, corporate, and government debt worldwide. Quoting from a World Bank report warning about record global

We entered this crisis with record levels of household, corporate, and government debt worldwide. Quoting from a World Bank report warning about record global debt levels on December 19, 2019 -- three months before the lock-downs: > The global economy has experienced four waves of debt accumulation over the past fifty years. The first three debt waves ended with financial crises in many emerging and developing economies. The latest, since 2010, has already witnessed the largest, fastest and most broad-based increase in debt in these economies. Their total debt has risen by 54 percentage points of GDP to a historic peak of almost 170 percent of GDP in 2018. Current low interest rates mitigate some of the risks associated with high debt. However, emerging and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. Source: https://www.worldbank.org/en/research/publication/waves-of-debt https://www.worldbank.org/en/research/publication/waves-of-d...